Separating heavy components from natural gas not only enhances safety, improves pipeline transportation, ensures product quality, and addresses environmental considerations, but it also exerts an influence on global energy trends. Therefore, separating heavy components is necessary and can result in beneficial goods. This article presents a comprehensive study on the process simulation and optimization of the recovery of natural gas condensate via the combined refrigeration of a mixture of ethane and propane as a refrigerant. The optimization objectives include maximizing the recovery of ethane and propane, minimizing energy consumption, and achieving desired product quality targets. A sensitivity analysis was performed to assess the impact of key parameters on process performance. Using Aspen HYSYS software, the influence of the cooler outlet stream temperature and expander outlet stream pressure on the shaft power and profit of a dry gas compressor was analyzed based on the operating conditions of the case plant, which has a processing capacity of 2988 kmol/h. The profitability of the plant is at a maximum when the cooler’s outlet stream temperature is −61 °C and the expander’s outlet stream pressure is 2500 kPa. After optimization, the refrigeration cycle system can reduce the plant’s energy consumption by 1516.4 kW. An optimized process design can lead to enhanced recovery efficiency, reduced energy consumption, and improved profitability in the natural gas industry.